FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 5 - ADMINISTRATION  

Division 2 - Tax file numbers  

Subdivision A - Quotation, use and transfer of FHSA holder ' s tax file number  

SECTION 60   Use of tax file number for certain purposes  

60(1)    
This section applies if an FHSA holder, or a person applying to become an FHSA holder, quotes his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.

Obligation to record tax file number

60(2)    
If the FHSA provider does not already have a record of the tax file number, the FHSA provider must, as soon as is reasonably practicable after the quotation, make a record of it.

Obligation to retain tax file number until no longer required

60(3)    
The FHSA provider must ensure that:

(a) if the person applies to become an FHSA holder, but does not become an FHSA holder - the record is retained until the time (the last retention time ) at which the person ceases to be an applicant; and

(b) if the person is or becomes a holder of an FHSA provided by the FHSA provider - the record is retained until the later of the following times (also the last retention time ):

(i) the time the person ceases to be a holder of such an FHSA;

(ii) the last time at which the FHSA provider needs to use the tax file number in order to comply with its obligations under Division 391 in Schedule 1 to the Taxation Administration Act 1953 .

Obligation to destroy tax file number record when no longer required

60(4)    
The FHSA provider must ensure that the record is destroyed as soon as is reasonably practicable after the last retention time.

60(5)    
Subsection (4) does not apply if the tax file number has also been provided for another purpose and is still required for that purpose.

Use of tax file numbers to locate amounts

60(6)    
Subject to subsection (7), the FHSA provider may use tax file numbers quoted to it as mentioned in subsection (1) in order to locate, in the records or accounts of the FHSA provider, amounts held in FHSAs provided by it.

Use of tax file numbers to identify FHSAs held by a particular person

60(7)    
If the FHSA provider needs to identify the FHSA held by a particular person:

(a) the FHSA provider must first use information (other than tax file numbers) to identify the FHSA; and

(b) the FHSA provider may only use the tax file number quoted by the person to the FHSA provider:

(i) if the information referred to in paragraph (a) is insufficient to identify the FHSA; or

(ii) to confirm the identification of the FHSA resulting from the use of the other information.

Offences

60(8)    
An FHSA provider commits an offence if it contravenes a requirement of this section.

Penalty: 100 penalty units.

60(9)    
An FHSA provider commits an offence if it contravenes a requirement of this section. This is an offence of strict liability.

Penalty: 50 penalty units.

Note:

For strict liability, see section 6.1 of the Criminal Code .